• Grease a 9 inch pan. 
• In a large bowl, mix together butter, sugar and egg yolks until fluffy.
• Combine flour and baking powder and beat into egg mixture alternately with milk. 
• Beat egg whites until stiff but not dry and fold into the batter.
• Pour batter into prepared pan.
  
• Peel the peaches and cut into slices. Place the sliced peaches over top of the batter.

Preparing the Streusel Topping

• In a small bowl, combine brown sugar, butter and cinnamon until well blended. Sprinkle over the fruit.
  
• Bake at 350F for 40 minutes or until top is golden. 

Preparing the Glaze

• After the streusel cake has cooled, prepare the glaze.
• Mix together milk, icing sugar and vanilla sugar and drizzle over top of cake.